Earnings per Share (Tables)

9 Months Ended

Sep. 30, 2022

The following table shows the computation of basic and diluted earnings per share:

	As of and for the three months ended September 30,				As of and for the nine months ended September 30,
	2022		2021		2022		2021
(Dollars in thousands, except per share amounts)
Numerator
Net income	$	8,041	$	6,264	$	21,249	$	17,473

Denominator
Weighted-average shares outstanding for basic earnings per share		9,100,789		9,052,718		9,095,724		9,051,112
Dilutive effect of stock compensation ⁽¹⁾		108,965		52,537		99,204		27,559
Denominator for diluted earnings per share		9,209,754		9,105,255		9,194,928		9,078,671

Earnings per common share
Basic	$	0.88	$	0.69	$	2.34	$	1.93
Diluted	$	0.87	$	0.69	$	2.31	$	1.92

(1) The following have not been included in diluted earnings per share because to do so would have been antidilutive for the periods presented: Nonqualified stock options outstanding of 3,000 and 27,000 for the three month periods ended September 30, 2022 and 2021, respectively, and 3,000 and 264,000 for the nine month periods ended September 30, 2022 and 2021, respectively; Restricted stock units of 0 and 193,850 for the three month periods ended September 30, 2022 and 2021, respectively, and 0 and 108,000 for the nine month periods ended September 30, 2022 and 2021, respectively.